To be successful, all of us are going to have to put aggressive productivity and cost reduction programs in place.

Both Gyula and Vincent have demonstrated tremendous leadership in their regions. The switch gives Gyula an opportunity to lead our rapidly growing Asian operations based in Japan and provides Vincent the chance to return to Europe after many years abroad to lead our successful European and South American business. I have great confidence that our international operations will continue to strengthen and grow, given the presidents' strong working relationships, and that both leaders will continue to grow in their careers.

Renee brings tremendous breadth of experience to Tower. Her energy, insight, and international depth will be crucial as Tower Automotive emerges from reorganization and continues to grow as a successful global automotive supplier.

I believe, one way or another, that we will come to a solution. A work stoppage won't help anybody.

This agreement, which is the result of hard bargaining and tough discussions, enables Tower to address approximately 85 percent of its post- retirement medical liability and achieve the savings we need from this group while also addressing a variety of issues important to the unions and their members. This positive outcome would not have been possible without the hard work of the Milwaukee unions' leadership and their professional advisors. Together, we have reached a positive solution to some very difficult issues, and I appreciate their willingness to engage in a constructive dialogue during this process.

Productivity is just not so great right now because we are so sick at heart.